The SOMA Real Estate Market in Review

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SOMA had a strong real estate market in 2016. In South Orange, the average days on market were down from 41 to 37 days. The sales price was up by 7.8% for an average of $655,693. Sales prices were 101.62% of the list price on average, showing a strong sellers' market. Contributing to higher prices were lower inventory. There were 12.24% less listings and 15.48% less units sold this year than 2015.*

In Maplewood, days on market held steady at 36 days for both 2015 and 2016. Sales prices were up slightly (.35%) for an average sales price of $551,253. However, Maplewood had a higher sales price to list price average than South Orange at 102.42%. Unlike South Orange, Maplewood had more sales in 2016 than the prior year. 316 units were sold this year as opposed to 291 in 2015.*

Both towns continue to attract commuters looking for a small town feel with a direct train to New York City. The spring market is expected to start in February. If you're thinking of buying or selling in the spring market, now is the time to talk to stagers, realtors and loan officers. Contact me if you have any questions or need assistance at shannon.severin@kw.com

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Happy New Year!

*Information compiled from the Garden State Multiple Listing Service. Deemed reliable but not guaranteed. 

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer.

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